The manager of this operation is DIMA Gestión, a company with more than three decades of experience in the real estate sector, dedicated to the promotion, management, and investment in residential and land assets. Based in Jerez de la Frontera (Cádiz), the company has consolidated its presence in the national market through the development of high-quality urban and residential projects, characterized by functional, sustainable design, adapted to the current needs of its clients.

The project has a capital gains strategy, which consists of an alliance with the developer for the development of the project of 132 multi-family homes, with a garage and storage room, and 18 terraced houses. In addition, the project will have large common areas and 17 commercial premises.

The contributions from Urbanitae investors will be delivered to the developer via a capital increase to the vehicle company that will bring together all the funds from the investors: RIVENDEL PROPERTIES 7, S.L. This company will later enter the project's promoting company, CHURUN INVEST, S.L. with a contribution of €3,025,000.

The manager maintains 45% of the necessary investment to carry out the project.

A preferential return scheme is established for Urbanitae investors, which consists of the recovery of the contributed capital plus a 15% annual return before the manager, which mitigates any project deviation. On the additional margin generated, it is distributed in 70% for the manager and 30% for the investors, which encourages the manager to optimize the execution of the project. The payment waterfall would be as follows:

(i) Return of the capital invested by Urbanitae investors

(ii) Return of 15% annual net

(iii) Return of the capital contributed by the manager

(iv) Return of 15% annual net

(v) On the additional margin, it is distributed in 70% for the manager and 30% for Urbanitae investors

The promotion materializes in the development of 150 multi-family and terraced houses, in the city of Jerez de la Frontera, Cádiz. The houses will have 1, 2, 3, and 4 bedrooms and an average built area of 77 m² for multi-family homes and 117 m² for terraced houses, as well as a garage and storage room. The location has direct access to one of the main arteries of the city.

The manager is currently developing another project in the same location, which is progressing favorably. It has more than 50% of the houses sold, closed financing with a top-tier entity, and construction work has begun.

The project has a commercial advance of more than 50% of the reserved houses, having launched the marketing in January 2025. A commercial level that is within the average ranges required by banking entities for financing, with which it is finalizing negotiations for the developer loan.       

STRUCTURE

The operation will be structured via a capital increase, where Urbanitae investors will make a capital contribution to the vehicle company of the operation. This vehicle company plans to go to external financing for the development of the work, which is packed with a top-tier financial entity. The contribution corresponding to Urbanitae investors will be equivalent to €3,025,000. The total capital of the project amounts to €5,500,000 where Urbanitae investors will enter together with the manager.

The manager will be dedicated to the integral management of the promotion and his contribution amounts to 45% of the total value of the investment.

Urbanitae investors will have a preferential return on profits and the contribution of the promoters, additionally, part of the management fees of the promoters are also subject to the preferential return of the investors.

WHY INVEST?

There are several reasons to invest in this project: 

• Investment opportunity in a new construction promotion project.

• Preferential return of 15% IRR for Urbanitae investors

• The project has the license requested, whose obtaining will coincide with the entry of Urbanitae investors

• The project has over 50% of the homes reserved.

• Synergies with the project under development in the same location by the manager.

• Financing in the process of closing with a top-tier banking entity.

• The project manager invests his own capital, which aligns the interests of all the agents participating in the investment.

ECONOMIC SCENARIOS

According to the CNMV's criteria, in addition to the base (favorable) scenario proposed by the manager and which we contrast from Urbanitae, in Equity projects 2 additional scenarios must be published that show potential variations in the business plan.

1. FAVORABLE

The base, or favorable, scenario contemplates the income and expense estimates proposed by the manager, verified by Urbanitae, and contrasted by the BÁSICO RE valuation report. In this project the total revenue forecast amounts to 31,784,273 €, while the estimate of the total costs for the execution of the promotion corresponds to 29,112,577 €.

2. MODERATE

The moderate scenario contemplates an upward deviation of the construction costs estimated by the manager which raises the amount of the total costs to 28,605,845 €, as well as a downward deviation of the revenue forecast, with the total being 27,690,560 €. 

3. UNFAVORABLE

The unfavorable scenario contemplates an increase in construction costs and a decrease in sales prices wide enough to obtain a negative result, with partial loss of the contributed capital. In this project, an increase in construction costs corresponding to more than 10 % and a reduction in sales prices equivalent to 10 % has been considered, which would result in a total revenue figure of 28,605,845 € and total costs of 29,040,824 € (reduced compared to the favorable and moderate scenarios as the payment of Corporate Tax is avoided by incurring losses).

According to the supervisor's criteria, crowdfunding platforms should not communicate the estimated profitability in an Equity project. The total profitability of a project is the REVENUE FORECAST minus the COST ESTIMATE, divided by the TOTAL EQUITY. As an example, in the FAVORABLE scenario, the calculation would be REVENUE FORECAST (31,784,273 €,) minus EXPENSE FORECAST (29,112,577 €) divided by the total Equity (5,500,000 €). The result of this quotient multiplied by 100 will be the percentage of profitability on the capital contributed in this scenario.

The forecasts are mere estimates, and are subject to variations that could arise from the economic, social or other situation throughout the duration of the project.

For the calculation of the scenarios, the preferential return of the investors is not taken into account, it has been carried out on the viability of the project as a whole.

MARKET

A market study has been carried out to determine if the sales prices proposed by the manager are reasonable.

There is information available about the market within the "Sales Witnesses" documentation, where you will find a list of homes for sale in the area, and in the "Market Report", where you will find a study carried out by Basico RE.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 32-34 months.

• First quarter 2026 – capital contribution.

• Second quarter 2026 – start of execution works.

• Second quarter 2028 – End of construction works.

• Second / third quarter 2028 – Declaration of new work and delivery of homes.

• Fourth quarter 2028 – Distribution of profits to investors.

It is important to bear in mind that in all real estate development, the deadlines can vary both upwards and downwards. 

RISKS

All investments carry a risk. We detail the clearest risks we have identified for this project: 

• Extension of the deadlines set in the project, due to delays in marketing or provision of external financing.

• Deviation of the fixed costs associated with the investment, unforeseen in construction. 

• Delays in sales, and/or need to lower their price to attract customers.

• Possibility of changing the agreed conditions. This risk includes potential substantial changes that take place from the start of the financing campaign until the formalization of the capital increase, in which case the project would be cancelled and the capital contributed by the investors would be returned.

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Warnings and Risks

Urbanitae Real Estate Platform (Urbanitae) does not hold the status of an investment services company, nor a credit institution and is not attached to any investment guarantee fund or deposit guarantee fund. The information published by Urbanitae Real Estate Platform on its Website is for informational purposes only and can in no case be considered as recommendations to investors.

The participatory financing projects published by Urbanitae on its Website are not subject to authorization or supervision by the National Securities Market Commission or the Bank of Spain, therefore, all the information provided by the manager in relation to the projects has not been reviewed by them.

Urbanitae expressly informs that, in case of non-compliance with the total volume of investment of the project, the period for raising funds may be exceeded by up to 25%, maintaining the same investment conditions. Likewise, the project may be financed by Urbanitae when at least 90 percent of the financing objective has been reached, once the participation in the project that the platform itself may have is discounted. 

Investing in the projects published on this Website may entail certain risks, such as, the risk of total or partial loss of the invested capital, of not obtaining the expected monetary return or of lack of liquidity. Therefore, we warn investors to only invest an amount they are willing to lose and we suggest they diversify their investments to minimize and mitigate potential risks. In the event that the manager is unable to return or remunerate the funds received, Urbanitae will not return the investment made by the investors.

This project will be open to any investor registered in Urbanitae, and any of the following registered persons may invest in it:

• Urbanitae partners who own at least 20% of the share capital or voting rights;

• Managers or employees of Urbanitae;

• Individuals or legal entities linked to these partners, managers or employees by control

In this sense, Urbanitae guarantees that the investments of any of these people will be made through the platform, under the same terms and conditions as any other investor, without receiving any preferential treatment, nor privileged access to information compared to the rest of the investors registered in Urbanitae. In accordance with the Internal Code of Conduct of Urbanitae, these investors are obliged to communicate these operations internally.

Once the investment in the project is closed, Urbanitae will provide information in the project's investment area about the amount invested by these investors, the type of investor who has made the investment, and the percentage it represents with respect to the total financed, always complying with the data protection policy.